RP poised to quit IMF supervision<\/p>\n
MANILA (AFP): The Philippines is ready to exit from more than
\nthree decades of economic supervision by the International
\nMonetary Fund (IMF), the IMF and the government said here
\nyesterday.<\/p>\n
John Hicklin, head of an IMF review mission, told a new
\nconference: "We continue to be impressed by the determination of
\nthe authorities to pursue sound macroeconomic policies ... and
\nstructural reforms."<\/p>\n
He and government officials said all they were waiting for was
\nthe passage of a tax reform package before June, when an existing
\nthree-year IMF economic program is due to expire.<\/p>\n
He said the IMF had made no contingency preparations in case
\nthe tax reforms were not passed and remarked "we've been working
\non the assumption it will" be passed.<\/p>\n
Finance Secretary Roberto de Ocampo said Thursday that in a
\nmeeting with congress leaders this week, "there seemed to be a
\nconsensus ... to move the (tax reforms) by May 1" as President
\nFidel Ramos had earlier requested.<\/p>\n
The remaining tax reforms include the simplification of the
\nindividual income tax and corporate tax as well as the
\nelimination of certain tax perks to corporations.<\/p>\n
During the review, the IMF had completed a draft economic
\nprogram for 1997, setting gross national product (GNP) growth at
\nseven to eight percent with average inflation at six to seven
\npercent.<\/p>\n
Gabriel Singson, governor of the Central Bank of the
\nPhilippines, said gross domestic product (GDP) growth would be
\nmore than six percent.<\/p>\n
The national government is also scheduled to post a budget
\nsurplus of 13 billion pesos (500 million dollars) this year with
\na smaller total public sector surplus as well.<\/p>\n
When the Philippines exits from IMF monitoring, it will no
\nlonger have to forge regular three-year economic programs with
\nthe fund in order to obtain access to foreign credit markets.<\/p>\n
Hicklin said the fund would still send regular annual missions
\nto the country to review its macroeconomic performance.<\/p>",
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